Dividend policy is regulated by Chapter 10 of the Bank’s Charter and the internal statement “On dividend policy of AK BARS Bank”.
The internal statement “On dividend policy of AK BARS Bank” establishes the basic principles of the Bank’s dividends policy, decision- making order on dividends, as well as determination of the amount of dividends and the payment procedure.
Decisions on the declaration of dividends and on the recommended amount and form of payments are concluded at the Annual General meeting of shareholders, on the basis of the recommendations by the Board of Directors. These recommendations accommodate the interests of both shareholders and the Bank, from the perspective of future business development.
Recommended amount of dividend payments is defined on the basis of the Bank’s financial results at year-end, normally not less than 10% of net profit.
In 2013, the Annual General meeting of shareholders of the Bank made a decision not to pay the cash dividends on ordinary shares of AK BARS BANK based on the results of year 2012.